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Yeah it appears to be a fix for a slipping seat post indeed. The Alter clamp thing tightens properly although you do need to use two Allen keys simultaneously. Maybe he had a drill but no extra key...
Carabo-
two Allen keys simultaneously
Surely just tighten each bolt a little at a time until it's tight enough not to slip, like every threadless stem ever (?)
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The Alter clamp thing tightens properly
If it does, it will be the first example which has. It was always a shit design as a clamp whether it was an Alter, and Integralter or an Angel, and it can only have got worse by having half the circumference welded to some other tubes.
Lukas
gbj_tester
I reckon that's an attempt to stop the post slipping down. Check the clamp tightens enough